February 28, 2022 06:14 ET | Source: ReportLinker ReportLinker

New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Unmanned Commercial Aerial Vehicle Global Market Report 2022" - https://www.reportlinker.com/p06240601/?utm_source=GNW The global unmanned commercial aerial vehicle market is expected grow from $ 12.23 billion in 2021 to $ 13.87 billion in 2022 at a compound annual growth rate (CAGR) of 13.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 22.04 billion in 2026 at a CAGR of 12.3%. The market for the unmanned commercial aerial vehicles consists of sales of unmanned commercial aerial vehicles, which are miniature pilotless aircraft including remotely piloted aerial vehicles and unpiloted aerial vehicles, controlled to carry small payloads, perform delivery and minor services, commercial inspections and operations such as photography and videography. The market consists of revenue generated by the company’s manufacturing the unmanned commercial aerial vehicles by the sales of these products. The main types of segments in the unmanned commercial aerial vehicles are fixed-wing UAVs, multi-rotor aerial vehicles, rotary blade type UAVs.A fixed-wing drone is a plane that doesn’t have a human pilot on the platform. Fixed-wing UAVs can be commanded remotely by a human or autonomously by onboard systems. The different modes of operations include remotely piloted, optionally piloted, fully autonomous, and is used in various sectors such as agriculture, energy, public utilities, construction, media and entertainment, government, others. Asia Pacific was the largest region in unmanned commercial aerial vehicle market in 2021.North America is expected to be the fastest growing region in the forecast period. The regions covered in the unmanned commercial aerial vehicle market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Increasing applications of unmanned aerial vehicles (UAVs) in the commercial sectors contributed to the growth of the unmanned commercial aerial vehicle market.Faster delivery of goods and increasing transportation of products such as small packages, food, medical supplies, and others have great significance in the commercial sector. The commercial usage of UAVs in various industries such as agriculture, mining, security and law enforcement, journalism, and media & entertainment for various tasks such as surveys, maintenance operations, long-range sensing, aerial photography, inspecting of damaged assets, monitoring crops, collecting soil data and other high risk and dangerous operations.For instance, an agriculture drone which is a UAV empowers the farmer to adapt to specific environments and make mindful choices. The gained data from drones help regulate crop health, crop treatment, crop scouting, soil analysis, and crop damage assessments. Increased applications in diverse fields with extraordinary advantages drive the unmanned commercial aerial vehicles market. Security and privacy concerns are expected to limit the growth of the unmanned commercial aerial vehicle market.Risks are always associated with UAVs as they are vulnerable to hacking. UAVs rely on different sensors to locate and calculate flight altitude and information is exchanged between UAV and Ground Control Station (GCS), and therefore, rely on communication links, which may be susceptible to hacking.According to Allianz Global Corporate & Specialty’s “Rise of the Drones” report, drones can be hacked and drone control can be taken and this can be a threat as hacked drones data can be misused or it can also be used to cause attacks and injuries. Increased security and privacy problems linked with UAVs resulting in an increased risk of hacking and privacy disclosure are limiting the growth of the unmanned commercial aerial vehicle market. Unmanned commercial aerial vehicle manufacturing companies are implementing improved batteries in their UAVs which could fly for longer and farther on just a single charge.Improvements in battery technology can be seen by the replacement of lithium-ion batteries with lithium metal batteries which have twice the capacity and half the size when compared with the former ones. In April 2019, Cuberg, a USA-based startup, with the support of Boeing and the U.S Department of Energy developed the lithium metal battery that was used in a quadcopter and flew 70% longer than the one powered by a lithium-ion battery. It uses non-flammable electrolyte that erases the safety risks associated with the common lithium-ion batteries. In July 2021, Shield AI Inc, a US-based artificial intelligence company acquired Martin UAV for an undisclosed amount.Shield AI will incorporate its combat-proven autonomous software, Hivemind, into the V-BAT as part of this acquisition, solidifying Shield AI’s dominant position in defense-focused edge autonomy. Martin UAV is a US-based aircraft manufacturer. The countries covered in the unmanned commercial aerial vehicle market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06240601/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________